Senate Bill 2094

AN ACT TO AMEND SECTION 75-17-27, MISSISSIPPI CODE OF 1972, TO REVISE THE MAXIMUM LATE PAYMENT CHARGE IMPOSED BY THE USURY STATUTE ON CERTAIN LOANS OF $100,000.00 OR LESS; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 75-17-27, Mississippi Code of 1972, is amended as follows:

75-17-27. A late payment charge, not exceeding Five Dollars ($5.00) or four percent (4%) of the amount of any delinquency, whichever is greater, if contracted for in writing, shall not be considered a finance charge, but no such charge shall be made unless such delinquency is more than fifteen (15) days past due; provided, however, that such late payment charge may be collected only one (1) time on a specific installment and no late payment charge may be collected on a partial payment resulting from the deduction of a late payment charge from a regular scheduled payment. * * *

SECTION 2. This act shall take effect and be in force from and after July 1, 2004.